Nifty and Bank Nifty Prediction for Tomorrow 8 Dec 2022
Nifty and Bank Nifty Prediction for Tomorrow 8 Dec 2022: Indian equity markets ended lower after a volatile trading session on Wednesday. Markets fell sharply after the announcement of the RBI policy, which was in line with expectations. The benchmark indices closed near their day low after the last-hour fall. Among the sectors, FMCG, and PSU Banks gained today while Media, Consumer Durables, Realty, and Auto stocks were under pressure today.
The market breadth was negative today. The broader markets underperformed the benchmarks, as Nifty mid and small-cap indices declined by 0.58 percent and 0.59 percent respectively. At the close, the Sensex and Nifty ended lower by 0.34 percent and 0.44 percent respectively. You can read detailed market updates here.
Nifty and Bank Nifty futures price movement for 7 Dec (Dec Expiry)
The Nifty futures price opened at 18680.15 making a negative opening of 91.2 points today. It has touched an intraday high of 18774.65 and a day’s low of 18650.40
The Nifty futures price has given a movement of 124.25 points today. In the end, it closed lower by 97.65 points or 0.52 percent and ended at 18673.70 levels.
The Bank Nifty futures opened at 43341.60 It made a negative opening of 116.2 points. The Bank Nifty futures touched an intraday high at 43541 and a day’s low at 43177.20
During the day, the Bank Nifty futures have given a movement of 363.8 points. In the end, it closed lower by 127.80 points or 0.29 percent and closed at 43330 levels.
Nifty & Bank Nifty Prediction for Tomorrow 8 Dec 2022 (Dec Expiry)
Nifty Futures Prediction for Tomorrow 8 Dec 2022
Primary Nifty Trend in futures: Positive
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18800 whereas All Down Moves Initiates Short Covering (Buy) @ 18600
If the Nifty futures (Dec Series) share price Moves Above 18710 and sustains. Then you should Buy with 1st Target of 18742 during the day with a Stop Loss of 18680 FOR the Target of 18742- 18774- 18832- 18890
If the Nifty futures (Dec Series) share price Moves Below 18640 and is sustained. Then you should Sell with the 1st Target of 18570 for the day with a Stop Loss of 18665. For the Target of 18570- 18550- 18518- 18470
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Bank Nifty Futures Prediction for Tomorrow 8 Dec 2022
Primary Trend of Bank Nifty Futures: Positive
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 43600 whereas All Down Moves Initiates Short Covering (Buy) @ 43100
Suppose the Bank Nifty futures (Dec Series) Moves Above 43415 and sustain, then you should Buy with the 1st Target of 43530 during the day with a Stop Loss of 43325 and the Target of 43530- 43625 – 43710- 43840
If the Bank Nifty futures (Dec Series) Moves Below 43220 and sustain, then you should Sell with the 1st Target of 43150 the day with a Stop Loss of 43295. For the Target of 43150- 43060- 42940- 42800
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Global Stock Market Updates
On the global front, the other Asian market indexes closed lower on Wednesday following negative cues from Wall Street overnight, as optimism over the economic outlook in US and China faded. Warnings from big US banks about a likely recession next year hit the market sentiments again.
Japan’s Nikkei ended lower, tracking the tech-led sell-off on Wall Street overnight, support from auto stocks helped to cap the losses. The tech stock dragged down the Hang Seng today while Shanghai declined due to weak trade data for November.
European stock market indexes are trading in the red following negative cues from Wall Street and Asian markets. China’s lifting of Covid curbs failed to lift the gloom over a probable continuation of interest rate hikes amid weak growth in the eurozone. The US futures, Dow, and Nasdaq futures are trading slightly lower at 5 pm IST.
Conclusion
Indian stock markets extended losses for the 4th straight session. RBI policy outcome was in line with the market expectation. Going ahead, tomorrow Indian markets will open as per global cues and remain volatile due to weekly expiry.
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